IEA reports sharp decline in Russia's oil revenue due to price caps and sanctions.
Russia's oil export revenues fell sharply in February due to bans and price caps imposed by the West to curtail President Putin's ability to finance the war in Ukraine, according to the International Energy Agency. The estimated oil export revenues fell to $11.6bn last month, down $2.7bn from January. The IEA said it remains to be seen if there will be sufficient appetite for Russian oil products now that the price cap is in place or if its production will start to fall under the weight of sanctions.